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Midcap and small cap, buck trend
Fri, 4 Apr 01:30 pm

Weakness continued to persist in Indian share markets in the post-noon trading session. Majority of the sectoral indices are trading in the red with auto, FMCG and capital goods stocks being the biggest losers. Realty, consumer durable and banking stocks are the major gainers.

BSE-Sensex is down 77 points and NSE-Nifty is trading 22 points down. BSE Mid Cap is trading 0.6% up and BSE Small Cap index is trading up by 0.9%. The rupee is trading at 60.2 to the US dollar.

Most of the pharma stocks are trading in the green with Elder Pharma and Ranbaxy Laboratories being major gainers. As per a leading financial daily, Novartis has sought an injunction against Biocon in the Delhi High Court for patent infringement on its diabetes drug Galvus. According to Novartis, Biocon is violating its Indian basic compound patent for the novel drug molecule Vildagliptin that was launched in 2008 and is set to expire in 2019. This legal move is aimed at preventing Biocon from launching a similar version of the diabetes drug Galvus that has a global market size of $1.2 bn. While patents enable companies to enjoy exclusive protection rights during the patent period, but at the same time patents can make life saving drugs expensive for the general population. While Novartis stock is up 1.6%, Biocon is trading down marginally.

Automobiles stock are trading mixed today. While Escorts is trading higher, Tata Motors and Eicher Motor are trading lower. As per a leading financial daily, Tata Motors is contemplating to enter the Philippines market and has announced the same in a recent Manila International Auto Show 2014. Tata Motors believes Philippines is one of the key markets in the ASEAN region and wants to have a deeper presence in the market with its several product ranges. The company wants to export passenger car models like Manza, Vista, Indigo and Indica. It will also export Xenon, Ace and Super Ace models from the commercial vehicle segment. Tata Motors currently exports its vehicles to Europe, Latin America, Africa and several South East Asian countries. The move would further widen its market and distribution networks. Tata Motors stock is trading down 0.9%.

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